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Alchemy, Embrace the New Era of Payment Technology with Blockchain Technology

The existing electronic payments are controlled by centralized industry giants, causing numerous problems such as complicated and blurry rules, discretional right, inefficient dispute management and high fees, etc. The traditional electronic payment ecosystem involves too many intermediate links and there are many problems. like Cross-border transactions are costly and inefficient, Items of expenses, A large number of transactions cannot proceed because there is no trust between the two parties, and the centralized giant does not provide guarantee services and payment channels, Opaque access rules for merchant/consumer, Serious security and privacy issues, Long processing of transaction disputes, The cumbersome process of reconciliation, settlement and clearing.

Under the existing electronic payment structure, the efficiency of payment is low and the overall payment cost is high. The most important thing is: merchants and cardholders have no choice, no right of discourse, no right to price-setting or right to access the information on this old ecosystem. The centralized organization that holds power does not focus on the user experience, payment product innovation, merchants and user interests. In the long run, the traditional payment industry has become stagnant, and it is urgent for it to be replaced by new forces.

Alchemy, Embrace the New Era of Payment Technology with Blockchain Technology

The decentralization, de-trust, open and transparent, consensus-based, traceable, and tamper-proof features of the blockchain have brought huge innovation opportunities to the reform of the payment industry, allowing merchants, consumers and relevant participants in the payment industry chain to enjoy the benefits of an open, fair and unrestricted low-cost trade.

Alchemy envisions that backed by decentralization, smart contracts and consensus mechanism of blockchain, Alchemy would enable payment industry players to embrace the new era of payment technology by fully utilizing a series of open-source protocols and open R&D platform to improve the efficiency of cross-border payments; to provide merchants and customers with a faster, more secure, more convenient, and more flexible global payment solution.

The goal of Alchemy is to design the payment protocol through community consensus, to build a decentralized, trust powered infrastructure, to expedite the penetration of cryptocurrency into our daily life, and most importantly to return the rights of payment to the merchants, the customer and the market.

Problem on Today's Situation and the Solution Alchemy Provide

With the frictions and pains working with traditional centralized payment networks such as Visa, Mastercard, UnionPay, and another switching network, Alchemy payment network adheres to the concept of “decentralization” from payment currency, technical architecture, operation system and governance mechanism for our visions and goals. Alchemy achieves the decentralization of payment networks by integrating with decentralizing cryptocurrency wallets, deploying decentralized technical structures, along with the relevant operation and governance mechanisms.

Modern businesses have many requirements for electronic payment providers but have to subject to all the friction we discussed earlier. Their collective needs continue to be left unresolved in any way. If these market demands cannot be met, or if the pain points cannot be addressed, then using cryptocurrencies as one of the mainstream forms of payment will not be realized. Alchemy is building a trust-driven ecosystem through credit scoring architecture to address payment security issues.

Various security issues, including fraud, malicious user attacks, phishing sites, and privacy exploitation, exist in the world of both online and offline payment. Therefore, creating a secure payment environment is the top priority for our solution. Alchemy is building a trust-driven ecosystem through credit scoring architecture to address payment security issues.

Operating a payment network involves a large amount of work. This includes merchant onboarding, merchant integration IT support, customized demand for merchants, dispute resolution, clearing and settlements, customer service, risk management, and anti-fraud. The network cannot reach a scale if we cannot provide high efficiency at a lower cost. Alchemy achieves low-costs and high efficiency through the decentralized operational support infrastructure. 

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